Economic Impacts of Russian Invasion of Ukraine
By Amber Lau
The recent Russian invasion of Ukraine has not been a discrete event whatsoever. Russia’s violent attempt to take over Ukraine under Vladimir Putin has been an ongoing conflict that has had detrimental effects. Many Ukrainians have fled the country with the desire for the safety and protection of themselves and their families. Many others have shown their pride in their country and have stayed back to fight against Russian soldiers, with the hope that their home will stop being attacked. As of now, there is still continuous violence occurring, and the future seems to be unpredictable. These past few months have not only impacted the families and friends of those suffering in Ukraine, but have affected the economy in the United States and our relationship with other countries.
Most oil, therefore gas, comes from Russia, and is imported into countries like the U.S. Due to the recent events of Russia’s invasion and attacks on Ukraine, the U.S along with some other countries have announced bans on Russian imports, leading to inflation, the rise of prices over a period of time. As a result, many Americans are becoming annoyed at the fact that they have to pay so much more than what they used to in order to fill up their gas tanks in their cars.
The state of California has been suffering the most with this issue. Their gas prices have increased and are currently about $5.86 per gallon on average, which is extremely high! The biggest possible effect of this inflation is that people having to pay so much for necessities like oil and gas may influence them to stop spending on other things, leading to more economic disruption. People trying to save some money and avoid spending on luxury items may cause the collapse of small businesses and larger corporations, negatively impacting the economy.
Another important effect is on the worldwide economy and trade. Gas is used consistently for the shipping and transportation of goods into and out of our country. Without access to gas, maintaining a good relationship and trading with other countries will be a lot more difficult and expensive.
We can conclude that Russia’s invasion of Ukraine has had many negative consequences on America’s economy, and will continue to impact people around the world. Nobody knows what to think of the future and when inflation will stop, as Ukraine continues to suffer. As of now, there are so many in dire need of help, and it is incredibly important to do anything in our power to help them!